London’s stock market, which has been in turmoil for years, is about to get a boost from a City Property Trust that will list a £500m trust.
Special Opportunities REIT is a newly-established real estate investment trust that will likely be listed in London by June.
Investors should receive the prospectus within the next few weeks. The business hopes to achieve a valuation up to £500m.
The Square Mile will be relieved by the anticipated listing, as it has been struggling with a series of high-profile departures.
Earlier this year, Paddy Power’s Flutter owner confirmed that it would be shifting its primary listing from London to the US. This follows the decision of other companies such as travel giant TUI, and building materials supplier CRH to leave London last year.
Air Astana’s listing in London was one of only a few major floatations that have taken place since January.
The Financial Conduct Authority (FCA) reported that the number of requests for a float at the London Stock Exchange was lowest since six years.
Special Opportunities REIT will be the first property trust listed on the London Stock Exchange since October 2021.
This would be the biggest float of a real estate trust in over 10 years.
Special Opportunities REIT hopes to raise money through the listing in order to purchase real estate assets whose prices have dropped in recent months. These include logistics facilities and data centers.
The Bank of England has begun to cut interest rates, which is a move that will lead to a rebound in the commercial property market within the next 18-months.
Special Opportunities REIT reviews property deals worth nearly £2bn.
The first step is to hold advanced discussions about the purchase of a portfolio of student accommodation and budget hotel sites worth £275m.
Harry Hyman, the founder of Primary Health Properties and Jamie Hopkins, former Workspace director are among those leading this trust.
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